How to File a Life Insurance Claim

Do you have life insurance coverage? Are your family members adequately covered under that policy? In case of the policyholder's death, the filing of insurance claim needs to be done promptly. The claim form has to be filed with all relevant documents. This can bring great relief to your family from the added stress of potential financial burden during that difficult time. Here are some guidelines on how to file a life insurance claim.

Instructions

Difficulty: Moderately Easy

1. Obtain the insurance documents of the policyholder. When you inform the insurance company they will ask about the details of the policy.
2. Find the paid premium receipts/acknowledgements if the policy is missing or not traceable. If necessary, write to the Missing Policy Service at American Council of Life Insurance with a self-addressed envelope. The inquiry is then forwarded to all the major life insurance companies in order to locate the lost policy.
3. Call the insurance agent who will help you in filling the necessary claim forms. This form is generally called the "Claimant's Statement For Life Insurance Death Benefits." Claim forms may have different names depending on the company, and can also be downloaded online for convenience.
4. Submit the claim to the insurance provider with a copy of the death certificate obtained from the funeral department.
5. Ask the company about the time limit for settling the insurance claim.
6. Follow the company procedure so that the claim processing is faster and easier.

Tips & Warnings

• Consider how the proceeds need to be distributed depending on your choice or policyholder’s prior decision. The insurance company may be informed to act accordingly. The available options are receiving lump sum amount, time-bound income and the interest income choice.